Ok so technically, nothing could have stopped them from doing an album like this in place of the live album they did a few years ago?
They were probably contractually obligates not to rerecord the songs for a certain number of years without permission. Typically it's 10 years...
Hence the Jimmy Eat World Clarity Live was essentially rerecordings of the entire album but not released on the label. But I'm sure that they probably gave them the option of releasing it. A live version of an album that, by "commercial standards"**
, was a failure is not one a label is much to invest in.
note the use of "commercial." In My Opinion, Clarity is one of the best albums ever released.